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Johannesburg - The board of African Bank Investments [JSE:ABL] were advised in 2013 that Nithia Nalliah, the current chief financial officer and acting chief executive officer of the Abil group, intended to take early retirement.
Nithia, who recently turned 55 years old, was requested to remain with the company to assist with the completion of the 2013 rights issue and thereafter to assist with the implementation of the revised group strategy, as communicated to shareholders with the release of the interim results in May 2014.
"Following developments since then, including African Bank being placed under curatorship as well as the proposed restructure of the Abil group, and the planned timeline to complete the restructure by March 31 2015, as per the Sens released on September 26 2014, the board has approved Nithia's request for early retirement," Abil said in a Sens release on Tuesday.
READ: Latest on restructuring of African Bank
"He will remain with Abil and assist in the restructuring process of the group as well as the operations of African Bank, and accordingly will continue to hold his executive positions until March 31 2015 or when the new appointments have been made, whichever is the earlier."
He will retire from the boards of Abil and all group companies by March 31 2015.
The board of directors expressed its appreciation to Nithia for agreeing to assist the Abil group with the process of resolution presently under way and wished him well after having been with the Abil group since April 2006.
ALSO READ: Former African Bank boss apologises
Nithia, who recently turned 55 years old, was requested to remain with the company to assist with the completion of the 2013 rights issue and thereafter to assist with the implementation of the revised group strategy, as communicated to shareholders with the release of the interim results in May 2014.
"Following developments since then, including African Bank being placed under curatorship as well as the proposed restructure of the Abil group, and the planned timeline to complete the restructure by March 31 2015, as per the Sens released on September 26 2014, the board has approved Nithia's request for early retirement," Abil said in a Sens release on Tuesday.
READ: Latest on restructuring of African Bank
"He will remain with Abil and assist in the restructuring process of the group as well as the operations of African Bank, and accordingly will continue to hold his executive positions until March 31 2015 or when the new appointments have been made, whichever is the earlier."
He will retire from the boards of Abil and all group companies by March 31 2015.
The board of directors expressed its appreciation to Nithia for agreeing to assist the Abil group with the process of resolution presently under way and wished him well after having been with the Abil group since April 2006.
ALSO READ: Former African Bank boss apologises
